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SR Bancorp Inc. (SRBK) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $1.06 billion from $1.02 billion at the end of the previous fiscal year. This increase is primarily attributed to new loan originations.
Cash and cash equivalents rose to $53.4 million, up from $45.9 million, while securities held-to-maturity decreased to $148.8 million from $156.1 million due to principal repayments and maturities.
Loans receivable, net, increased to $775.8 million from $731.9 million, driven by growth in residential mortgage loans and commercial loans.
Total liabilities increased by $45.0 million to $866.4 million, mainly due to a $30.0 million advance from the Federal Home Loan Bank of New York and an increase in deposits.
Deposits grew to $824.1 million from $807.1 million, with interest-bearing accounts seeing significant growth.
Net income for the quarter was $1.0 million, down from $1.6 million in the same quarter the previous year. Net interest income decreased to $7.2 million from $9.0 million, impacted by a decrease in the net interest margin.
Interest income decreased to $11.5 million from $12.3 million, while interest expense increased to $4.3 million from $3.3 million.
Noninterest income increased to $627,000 from $365,000, driven by higher service charges and fees.
Noninterest expense decreased to $6.5 million from $7.5 million, with reductions in salaries and employee benefits.
The company recorded a provision for credit losses of $12,000, compared to a recovery of $107,000 in the previous year.
SR Bancorp's allowance for credit losses as a percentage of total loans was 0.65% at the end of the quarter.
The filing also provides details on the company's investment activities, liquidity, and capital resources, indicating a stable financial position with sufficient liquidity to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SR Bancorp Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.